What does "cash for keys" mean in real estate?

"Cash for Keys" is a legal agreement in residential real estate where a landlord or property owner offers a monetary incentive to a tenant in exchange for vacating the property voluntarily by a specified date. This approach is often used as an alternative to formal eviction proceedings, potentially saving time and costs for both parties. The tenant typically agrees to leave the property in good condition, and the cash payment can range from half a month's rent to several thousand dollars, depending on various factors. The landlord typically does not report this transaction or agreement to a credit bureau or any other third-party entity, which represents one of the largest blind spots and risks for landlords and investors in residential real estate.